NEW YORK, April 2, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased Chemical & Mining Co. of Chile Inc. ("SQM" or the "Company") (NYSE:SQM) between March 4, 2014 and March 17, 2015, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the U.S. federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you purchased SQM securities during the Class Period, you may, no later than May 18, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the SQM Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) money from SQM was channeled illicitly to electoral campaigns for the Independent Democratic Union ("UDI"), Chile's largest conservative party; (2) the Company lacked adequate internal controls over financial reporting; and (3) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On March 11, 2015, SQM disclosed that its Board of Directors would meet the next day to evaluate the request by the Public Prosecutor for delivery of certain information pertaining to the alleged UDI bribery scandal.
On March 16, 2015, the Company announced that it had turned over all of the information to the Chilean Internal Revenue Service for the last six years, requested by the Public Prosecutor in a March 6, 2015 letter. Moreover, the Company also announced that the Board had agreed to terminate the CEO effectively immediately.
On March 18, 2015, SQM issued a press release indicating that the three representatives on its Board from Canadian stakeholder Potash Corporation – including the SQM Vice Chairman - had resigned the prior day.
Following the revelations described above, shares of SQM fell.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to shareholder rights, the firm also practices in the areas of antitrust, personal injury, consumer protection, overtime, and product liability. All of the Firm's legal endeavors are rooted in its core mission: provide investor and consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar outcome.